Wednesday, September 7, 2011

If have lived in Florida and moved to another state can i declare bankruptcy In the state I now live in

If have lived in Florida and moved to another state can i declare bankruptcy In the state I now live in ?
even though my debt is in florida and the law suit is in florida?
Personal Finance - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Most likely yes. Bankruptcy doesn't always clear judgments so you need to talk to an attorney about this, and you really need to consider what it will do to your credit for ten years.
2 :
Bankruptcy is Federal so it doesn't really matter. file in the fed district court for your current residence.
3 :
You need to file in the state in which you have lived for the greatest part of the last 180 days, which in your situation sounds like your new state. However, the exemptions you are allowed to take (which make a difference re. what you get to keep) may be those from the previous state in which you lived, depending on how long it has been since you moved. Ironically, this Federal law was enacted to prevent people from moving TO Florida (where the homestead exemption is very high) from other states with lower homestead exemptions prior to filing bankruptcy (bankruptcy attorneys know it as the "O.J. provision" because O.J. Simpson moved to Fla and bought a multimillion dollar mansion before filing bankruptcy, which mansion he was able to exempt from liquidation to pay creditors). In your situation, this provision of the 2005 bankruptcy reform act may work out in your favor.
4 :
I would review a website like http://diylegalinfo.com before making any descisions.